Pacific Biosciences Of California, Inc. · NASDAQ:PACB
Pacific Biosciences Of California — Q4 2025 Earnings Presentation
22 slides from Pacific Biosciences Of California's earnings presentation, Feb 12, 2026
Slide 1: Q4 & Full Year 2025 Earnings Presentation
Q4 & Full Year 2025 Earnings Presentation February 12, 2026 1
Slide 2: Safe harbor and non-GAAP disclosures
Safe harbor and non-GAAP disclosures Statement regarding use of non‐GAAP financial measures PacBio reports non‐GAAP results for basic net income and loss per share, net income, net loss, gross margins, gross profit and operating expenses in addition to, and not as a substitute for, or because it bel
Slide 3: Strong financial results driven by record consumables growth
Strong financial results driven by record consumables growth Q4 Total Revenue Full Year Total Revenue +14% +4% y/y growth y/y growth $44.6M $154.0M $160.0M $39.2M 5.7 17.9 24.2 5.1 21.6 Instrument 70.3 82.0 18.8 Consumable 15.3 17.3 65.8 53.8 Service + Other Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 Highli
Slide 4: Human genomics is fueling growth in consumables
Human genomics is fueling Consumable shipments by segment growth in consumables +19% $90M y/y growth Human Markets $80M $70M $26.4M 23% $48.9M $60M $50M 2022 3-Year CAGR 2025 $40M $30M $32.8M 3% $35.4M $20M $10M Non-Human Markets $0M 2022 2023 2024 2025 Human Biopharma Cancer Genomics Market use inf
Slide 5: HiFi has become a trusted backbone for rare disease genomics and improves patient outcomes
HiFi has become a trusted backbone for rare disease Clinical genomics and improves patient outcomes Empowering Research Validation of Diagnostic Yield Adoption as a first line sequencing approach Implementation in ONCE1 study in Q1’26 Investigating sudden unexplained death in childhood to predict an
Slide 6: HiFi significantly increased productivity and reduces costs compared to serial testing with legacy tests
HiFi significantly increased productivity and reduces costs compared to serial testing with legacy tests 7+ years and >$2,000 in testing consumables1 Reanalysis Single gene tests CMA NGS panel WES srWGS Repeat expansion srWGS 5mC array ~$25 ~$200 ~$150 ~$250 ~$600 testing gap filling ~$300 ~$150×3 ~
Slide 7: Rapid growth in HiFi data output and peer-reviewed evidence
Rapid growth in HiFi data output and peer-reviewed evidence Cumulative customer gigabase yield Cumulative publications >60% +23% 200,000,000 200M y/y growth 12,000 y/y growth 180,000,000 180M 160,000,000 160M 10,000 140,000,000 140M 8,000 120,000,000 120M 100,000,000 100M 6,000 80,000,000 80M 60,000
Slide 8: SPRQ-Nx delivers high-quality HiFi at a highly competitive price point
SPRQ-Nx delivers high-quality HiFi at a highly competitive price point Designed to deliver the most complete view of the genome for SPRQ-Nx less than $300 per genome at scale Multi-use SMRT cells Full launch Intended to reduce the cost of sequencing for customers and improves PacBio’s gross margins
Slide 9: Encouraging customer data in beta program with SPRQ-Nx demonstrating >25% improved yield vs. SPRQ
Encouraging customer data in beta program with SPRQ-Nx demonstrating >25% improved yield vs. SPRQ Beta Site 1 Internal Assessment1 Beta Site 2 Internal Assessment1,2 (Academic & Research Customer) (Clinical Customer) Diagnostic Turnaround Tests per Yield Time Diagnosis 2.7 Long-Read 37% 27 days Orth
Slide 10: Meaningful improvements to our financial profile since 2023
Meaningful improvements to our financial profile since 2023 Non-GAAP Non-GAAP Adjusted Gross Margin1 Operating Expenses1 Cash Burn1,2 2023 2024 2025 40% $355M 33% $289M 27% $230M $(105M) $(187M) $(214M) 2023 2024 2025 2023 2024 2025 Improved by 700 bps y/y Reduced by 20% y/y Improved by 44% y/y and
Slide 11: Sale of short-read sequencing assets positions us to execute on our next phase of growth
Sale of short-read sequencing assets positions us to execute on our next phase of growth Strengthens balance sheet and extends cash runway Received ~$48M of net proceeds from the transaction Sharpens focus and resources on differentiated long-read sequencing portfolio Better positioned to drive adop
Slide 12: Q4 2025 revenue breakdown
Q4 2025 revenue breakdown Product & Service Regional Asia Pacific Consumables $9.3M $21.6M 4% Y/Y Instruments 15% Y/Y Americas (3% Q/Q) $44.6M 2% Q/Q $17.3M 13% Y/Y $44.6M $20.7M 3% Y/Y 53% Q/Q 14% Q/Q EMEA $14.6M Service + Other 45% Y/Y 36% Q/Q $5.7M 11% Y/Y (3% Q/Q) 12 12
Slide 13: Q4 & FY non-GAAP financial highlights
Q4 & FY non-GAAP financial highlights Non-GAAP1 Measures Q4 2025 Q4 2024 FY 2025 FY 2024 Non-GAAP Gross Profit $17.8M $12.3M $64.2M $51.1M Non-GAAP Gross Margin 40% 31% 40% 33% Non-GAAP Operating Expenses $56.2M $68.6M $229.9M $289.2M Non-GAAP Net Loss ($37.6M) ($55.3M) ($158.8M) ($228.0M) Non-GAAP
Slide 14: Initiating 2026 guidance
Initiating 2026 guidance Revenue $165M - $180M 3% - 12% y/y growth Non-GAAP Gross Margin Non-GAAP Operating Expenses 41% - 44% <$230M vs. 40% in 2025 vs. $230M in 2025 14
Slide 15: 2026 focus areas
2026 focus areas Dramatically improve the economics of HiFi through SPRQ-Nx with multi-use SMRT cells Accelerate clinical adoption across rare disease, oncology, and carrier screening Enable discovery through large-scale studies with HiFi’s rich data and high-throughput capabilities Empower next-gen
Slide 16: Enabling the promise of genomics to better human health
Our mission Enabling the promise of genomics to better human health Creating the world’s most advanced sequencing technologies 16
Slide 17: Appendix
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Slide 18: Unaudited Condensed Consolidated Statements of Operations
PacBi@ Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations ‘Three Months Ended December 31, September 30, December (in thousands, except per share amounts) 2025 2024 Revenue: rr Service and other revenue 5,680 5844 5126 Cost of Revenue: Cost of service a
Slide 19: Unaudited Condensed Consolidated Statements of Operations
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Slide 20: Unaudited Condensed Consolidated Balance Sheets
PacBi@ (in thousands) 2024 Accounts receivable, net g 8 g Prepaid expenses and other current assets 10,793 18,781 ting lease right-of-use assets, net 41,695 16,091 Intangible assets, net 15,124 8 8 Other long-term assets ; E Accounts payable g § 19,865 19,764 Contingent consideration liability i Oth
Slide 21: Non-GAAP reconciliation
“Tivee Morths Ended “Twelve Months Ended (inthoutands except per share amounts) eas oes oe aos aoe AAP net os) come 7 wary wens} ~«CaTH~G(@uta70) 8 (098d) Imosiment charges - - 1300 — —1a4s00 ‘Change infer value of contingent considratn®™ 5 = (1950) (18700) (250) Gain on debt estvcwring - - (02007)
Slide 22: www.pacb.com
www.pacb.com Research use only. Not for use in diagnostic procedures. 2026 Pacific Biosciences of California, Inc. (“PacBio”). All rights reserved. Information in this document is subject to change without notice. PacBio assumes no responsibility for any errors or omissions in this document. Certain
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